The Mobile Internet Report Key Themes*

DEC Won Big in Minicomputer Era,
Compaq + Microsoft Won Big in PC Era, IBM Crossed Chasm
Market Value ($MM, in 1984 Dollars)
$120,000
$105,000
$90,000
$75,000
$60,000
$45,000
$30,000
$15,000
Minicomputer to PC Technology Cycle –
Market Value of DEC / Compaq / IBM, 1985 - 2002
DEC Compaq IBM
DEC Peak Mkt Value 1987
(during Minicomputer era) =
$21B (1987 dollars)
IBM Peak Mkt Value in
Each Era = $96B in 1985
(1985 dollars) / $208B in
2001 (2001 dollars)
Compaq Peak Mkt Value
1998 (during PC era) =
$71B (1998 dollars)
Compaq
Acquired by HP
in 2002 for ~$25B
$0
1985 1987 1989 1991 1993 1995 1997 1999 2001
Note: Inflation adjustments made using CPI, normalized with 1984 dollars = 1.0. Market cap figures taken from last trading
day of the given year. Source: FactSet, Bloomberg, S&P Stock Guide, Morgan Stanley Research.
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